US employment rebounded, up 261,000, in October after a weak hurricane-induced September report. Despite the hurricanes, real Gross Domestic Product (GDP) rose 3% in 3Q17, led by a rise in inventories, vehicle sales and net exports. As a result, the Fed is still expected to hike rates in December. The President has chosen Jerome Powell as the Fed chair, a current governor on the Fed Board and as such a source of continuity in the Fed's policymaking. The Administration's tax proposals are now being modified by Congress.
The Economic Outlook series provides monthly updates on the outlook for the global, US and Canadian economies, and quarterly updates on China's economy.